Procinctu Press | THE BLOG

GDX & Gold $1200 Target Breakout

In my video update, I discuss many reasons why I have a bearish-neutral perspective on Gold in the very short term, and why I feel we should see Gold $1200 very soon. As stated in my previous update, the $1276 was a critical level that Gold needed to hold and bounce hard from if it wanted to sustain its intermediate uptrend, especially if it wanted to trade in the $1400 region. Days after my update, Gold did touch the $1276 level as expected, however, the bounce was not impressive and raised some red flags. I addressed these concerns on October 6, 2013 in the comment section under that video update on my Youtube Channel, Vinny1010.

On my recent Gold update video on October 10, 2013, I argue cases for both the Bullish & Bearish perspectives and leave it up to you to decide which one is the strongest. Though I clearly stated I have more of a bearish outlook on Gold in the shorter-term, I wanted to at least present both sides so you know exactly why I was leaning towards Gold $1200 (and/or $1179, the summer lows). I am sure you agree that being unbiased is extremely crucial in portraying an accurate analysis of any stock or commodity.

Bullish & Bearish Perspectives: Gold $1200 or will we see Gold $1400 again?

Bullish

  1. Gold is still above $1276 level, which technically keeps the intermediate uptrend in-tact
  2. A larger Inverse Head & Shoulders as yet to be completed (This is a bullish chart pattern)
  3. Debt Ceiling fears & Government Shutdown issue

Bearish

  1. A lot of resistance: 21, 50 & 100 Moving Averages among other key areas
  2. A downward trendline has been established, and it seems that Gold is having issues surpassing it
  3. Price action (i.e Candle patterns) are suggesting more selling-pressure than buying pressure.
  4. Descending Triangle Formation (Bearish chart pattern formation)
  5. Gold failed to rally on fears of Debt Ceiling concerns and Government Shutdown fears (unlike the past where it rallied pretty hard)
  6. The prior bounce off the $1276 critical level was very weak and raised red flags of buyers in the market
  7. Inverse Head & Shoulders completed on August 28, 2013 when Gold reached $1434
  8. Current price action is now trading under the Ichimoku Cloud suggesting the intermediate uptrend is questionable at this time.

As some of you may have realized, my Gold update was done on October 10, 2013 and the next following day (today), Gold just happened to pierce the critical level of $1276. This piercing opens the floodgates to more downward selling-pressure which will bring about Gold $1200 in the very shorter-term. Look to see Gold to go to $1250 area and then for Gold $1200 and/or $1179 to present itself soon.

GDX Gold Miner ETF Analysis

GDX miners | GDX & Gold $1200 Target BreakoutI also analyzed the Gold Miner ETF, GDX. Though Gold is in a bearish formation, GDX seems to be in a Falling Wedge formation, which is bullish for the miners. This does not mean that GDX will rise while Gold heads towards $1200, but that the downward pressure in the GDX miner will be limited compared to the past. I only advise trading GDX and other Gold Miners when you are experienced enough as they are very volatile. As a disclosure, I currently have Put Options on GDX and though the falling wedge is present, I am not convinced as of yet that it will yield very high price movements as the wedge is rather small.

In conclusion, look for Gold $1200 and GDX Gold Minersto go lower, bounce and then continue much lower as the weeks go by. For the very long term, I am very bullish on precious metals, however, in the shorter-term, it seems there is a lot of selling-pressure that will soon present itself. These volatile and high selling-pressures yield buying opportunities for precious metals investors. Please take advantage of this opportunity!

Finally, please be sure to visit my YouTube channel on a regular basis to check for market updates.

Thanks,
Vinny

Wealth Confiscation….Conspiracy or Reality? | Thursday Thought

This week’s Thursday Thought revolves around Wealth Confiscation and safeguarding one’s wealth. Obviously, it came to me while being in the company of people who have earned themselves wealth. But while this Thursday Thought has them in mind, it is really for everybody who has any type of savings or retirement plan.

This concern of Wealth Confiscation came while attending a Cadre event in Washington D.C. Cadre is a group of successful entrepreneurs who are more interested in HELPING and ADDING VALUE, then they are interested in throwing a sales pitch at a networking event. In fact, Cadre stands for Connecting Advocates. Deepening Relationships. Exclusively. So that pretty much sums it up.

At this particular event, we heard talks from James Altucher and Jay Baer. James has been mentioned on this site before regarding his book “Choose Yourself.” It’s about the ever changing world and why it’s time to Choose Yourself in this new era. And Jay authored a book titled “YOUtility,” which has to do with marketing using a ‘HELP’ mentality, as opposed to a ‘HYPE’ mentality. After they spoke, the Cadre members (and non-members) then gathered up on the balcony for an UN-networking event. There is where the Wealth Confiscation Thursday Thought was formed.

Wealth Confiscation

who is next span italy u.s | Wealth Confiscation....Conspiracy or Reality? | Thursday ThoughtThose in the Cadre group are admittedly further along in the journey as am I. However, even there, I got the same bewilderment concerning gold and silver as I do from Joe Schmoe on the street. In fact, only James Altucher was on the same page regarding silver. Now, I didn’t talk to THAT many people about it. But the lack of knowledge on the subject of those I did speak, was a bit disconcerting to me. These are very successful people, and to not even have considered their Wealth Confiscation seems irresponsible and/or naive. What about Cyprus? Poland? Or all of the other latest red flags around the world….

Consider that the troubles facing the United States are far larger and more globally reaching than these little canaries. Are the most connected and most successful businessmen and women among us really not prepared for what’s coming? They have never given even a thought to Wealth Confiscation?

There are people who really believe they can change the world. I include myself in that group even as I write from the humble abodes of the ‘not-quite-there-yet’ Procinctu. But if 25% of any one’s wealth is taken overnight, wouldn’t that limit their effectiveness? What is half was taken? 75% ? You get the picture. And the picture is starting to come into focus regarding Wealth Confiscation.

Canaries in the Mineshaft

hands off cyprus | Wealth Confiscation....Conspiracy or Reality? | Thursday ThoughtIt was only last March that Cyprus held a bank holiday. Subsequently, Laiki bank was closed, and the Bank of Cyprus was recapitalized. If you had an uninsured account totaling more than 100,000 Euros, say goodbye to a large chunk of your wealth. This was all for a ‘bail-out/bail-in’ of course. And what was the government’s loan requirement to address it’s deficit spending and the bailout…..only $10 billion Euros. Compare that to the almost 17 trillion USD debt. I’ll write it out so we know what it looks like… $16,743,920,719,890.75.

Then earlier this month, Poland announced it would transfer (confiscate) it’s citizen’s private pension fund bond holdings to the state. Roughly half of their life savings (if it’s in those funds) are to be nationalized! So here are just two of the most recent forms of Wealth Confiscation.

Same Old Story

The story is the same for every nation with this problem….TOO MUCH DEBT. So we see the United States’ large debt amount written above, but that doesn’t even include future obligations like Social Security, Medicare, Medicaid, Obamacare, etc. What’s that, hundreds of trillions? The only reason the U.S. has been able to blow the bubble larger and larger is because of it’s Global Reserve Currency Status and the Petrodollar.

In the U.S., the Federal Reserve has been performing quantitative easing for quite some time, like since 2008! That is, they are currently buying $85 billion dollars worth of bonds every month. What happens when they stop? Where will the banks ‘liquidity’ come from? Will the government ‘creatively’ force it’s citizens to buy the bonds instead? Will the whole economy come to a screeching halt? Will we see Wealth Confiscation in the name of patriotism?

These are questions we all need to ask ourselves. If your money is in an account, it is quite easy for it to be taken out Cypriot-Style. However, if you have your wealth in modern unconventional holdings, like gold and silver, you make it a bit more difficult for them to steal.

Gold and Silver

Physical gold and silver NEED to be an everyone’s portfolio, even if there wasn’t a threat of Wealth Confiscation. Understand that it’s not fool-proof, especially if you don’t diversify it internationally. They can even add an insanely high windfall tax on silver and gold if they want, BUT you can prepare for that too. Just know that you increase your chances of keeping your wealth if you have some gold and silver.

Again, it’s easy to confiscate a bank account’s holdings, it can be done from someone’s bed. But to confiscate physical gold and silver? They have to get out of bed, drive to their facility, strap on their riot gear, load all the guns, get gas, drive to your house, spray a bunch of bullets, etc. You see, it’s totally not worth the hassle. That can of course happen eventually, but it likely won’t be the first option in Wealth Confiscation. At least not when so many other people DID leave ALL their wealth in a bank and conventional ‘savings’ fund.

How much and when?

O.K. I didn’t put TOO much thought into this analogy, but hear me out. You are on a train. You can see the bridge is out ahead. You don’t know exactly how long until you make it to the bridge, but you know that you need to get ready to exit the train. However, you can’t jump just yet, because there are marauders chasing your train. You will need to time the jump between outrunning the marauders, and also getting off the train before it speeds off the cliff. So prepare now and jump when it is time for your best chance of survival.

Translation. Prepare now by putting a comfortable amount into physical gold and silver. Personally, I obviously put a larger percentage, but for beginners, 5-10% would be a good start. At least it’s much better than 0%. There may be one big final smack down in the ‘paper price’ of gold and silver before their actual value is finally realized. THAT is the time you are going to want to go all out for it. 20% or 25% of your wealth, even more if you are totally convinced. This will give you the best chance in fighting the battle life will present you and any Wealth Confiscation will be less likely to harm you. Again, nothing is certain, but probabilities need to be weighed.

Wrap-Up

This is already too long for a Thursday Thought, so I’m just going to wrap it up and say that if this Wealth Confiscation talk was mildly engaging, feel free reach out. You can send an e-mail to vigilo@procinctu.info and just say you would like to know more. This can be explained further, and there are also steps to take in not getting ripped off. You can also check out the money section of this website for information about the horrible fundamentals of the U.S. and global economies. The main point is, no matter how much you have saved, do you really want to lose your life’s savings because some politicians spend other people’s money beyond the means? If the answer is no, there are ways to protect yourself.

Before leaving, if you do happen to be a successful entrepreneur, and are looking to add value to others of your mindset, then check out Cadre to see if it suits you. It is predominantly based in Washington D.C., but you can decide for yourself if you want to inquire further.

We’ll finish with the closing from Zero Hedge

“But best of all, in the aftermath of Cyprus, we now know what the two most recent European blueprints for preserving the myth of solvency are: bail-ins, which confiscate deposits, and pension fund “overhauls”, which confiscate, well, pension funds.

And now, back to the global recovery soap opera.”

If you think “It can’t happen here,” then I’ll be the one to bring you the bad news. It can happen here. In time, wealth confiscation probably will happen here. So, do you want your wealth, for which you worked so hard, to just be another character in the soap opera? Or do you want to create your own non-fiction with it? It’s up to you.

With God’s will..

-T

Gold Consolidation Following The Fed’s Continued QE

Quite a short update today. As you may know and as I stated in my previous video, the FOMC did not decide to taper its QE program this month. Once the markets heard the news, the metals rallied like never before. This was due mostly to the non-tapering statement by the Fed, and also because there was a long over-exaggerated bearish candle where traders felt the FOMC would taper this month. That candle broke the support of original channel. Shortly thereafter, the hope for Gold to see $1400 soon diminished as just two days later, a Fed Governor stated that the FOMC may taper in October 2013. Again, rhetoric from the Fed created panic in the stock markets, in particular, the metals market. Ever since then, Gold consolidation has remained.

Gold Consolidation is Not the Best Time to Trade

gold consolidation | Gold Consolidation Following The Fed's Continued QEIt is not smart to trade and guess the direction of where Gold is headed as the gold consolidation could fire to the upside or to the downside. If the gold consolidation fires south, look for 1300, 1280’s & 1275 area to bring support. 1275/76 is a key level for Gold to hold after it’s consolidation, as this is the 61.8% level of the current bullish trend. As long as Gold stays above this level, Gold’s intermediate bull run stays in-tact. Also, we want to make sure the bounce, aka momentum, from support is quite high to the upside; This will give us confirmation that the fire from the gold consolidation, though it may initially be down, is still going to keep this bull trend alive. However, if gold pierces below the 1275 area, then it will most likely not reach 1400’s, and we need to look for Bearish entries as the bullish trend has been broken.

Obviously, if price shoots up from the gold consolidation, then it does make it quite likely that Gold could see 1400’s. Should it fire north or bounce hard from any of the above support levels, we need to look to see if it can take out the 1380’s & the 1400 level. Only if it can stay above 1400 would we then expect Gold to “kiss” the 200 Day Moving Average around mid 1400’s.

Again, there are a different set of rules and a different mindset for those acquiring physical gold for the future. But for trading purposes, let’s wait and see where the price fires from the current gold consolidation. It would be nice to see Gold keep it’s intermediate bullish trend.

Hope it helps,

Vinny

Savage Takes Over Hannity’s Time Slot

In a move that was predicted back in August by Savage, it was officially announced that Michael Savage will take over the 3 PM est time slot from Sean Hannity. As Savage Takes Over the time slot, I’m hoping the new (more mainstream) audience will not change the show one bit.

Savage Takes Over

savage ratings | Savage Takes Over Hannity's Time Slot

The Savage Nation provides thought-provoking information of both opinion and fact. He can talk about Spaghetti sauce, and somehow, end up associating it with Obama’s destroying of America. Or a nostalgic story from his childhood in NYC will lead into boat sailing in some way. Whatever the topic, it’s mentally appeasing to see to course of every show, and where it ultimately ends.

However, it wasn’t that long ago that Savage was off the radio completely. He had occupied the 6PM est time slot with TRN for years. But a contract dispute and lawsuit had soured that relationship, and a hiatus ensued last year. Michael Savage then signed with Cumulus which would place him in the 9PM est slot. Though that time was not the most desirable, it still gave him access to power house radio stations across the United States.

Well, bringing his usual game, The Savage Nation saw ratings spikes across the board. So in the wake of Sean Hannity’s contract woes with Cumulus, Michael Savage became the heir apparent of the 3PM est slot.

So as Savage Takes Over the 3PM time slot, he had this to say:

With this important time slot, as well as the iconic Cumulus stations coveted by everyone in radio, I hope to edutain the world. Politics will always be my mainstay, but there is so much more to talk about. Breaking news, science, religion, films, and books…..well they have always been my calling cards. With these new stations and new time, I break out a new deck.

 

Again, I hope to see the same old show in the new time slot. Don’t change one bit, Savage.

Year of the Snake | Friday Funny

Best experienced with a full screen. Year of the Snake. Friday Funny.

Music by Saving Grace.

Unfulfilling Job? | Ready For The Weekend? | Thursday Thought

This week’s Thursday Thought comes while making a deposit at a bank branch. My teller, Rebecca, asked me “Are you ready for the weekend?” My response came in the form of a raised eyebrow and the unconvincing word, “yeah.” It probably sounded as if I began questioning myself in the middle of the one syllable word, which I was. The reason is because, to me, that question sounds a lot like “Are you in an unfulfilling job?” But I WAS ready for the weekend, just like I was ready for Wednesday, so the “yeah” came out. This Thursday Thought pertains to the conventional view towards work and anybody currently in an unfulfilling job.

Ready for the Weekend?

After my response, Rebecca was slightly, but visibly taken aback. I guess most other people give the opposite ‘TGIF!!’ response. But I just explained that the weekdays and the weekends all run together. In fact, personally, the only thing that distinguishes a certain day from any other, is that I try not to work during the Sabbath. Other than that, all things remain the same.

I could just as easily be out and about on a Monday night as on a Friday night. And I could make a trip to the beach on a Thursday just as well as a Saturday. I try to attend Mass daily, so Sunday isn’t even all that special as a ‘church day.’ Then conversely, I could just as easily pour concrete at 1am as well as 1pm. And I could be sleeping at 3am, just the same as 3pm. Examples go on, but the point is that my work schedule allows for this. Structure and discipline are employed in many areas of my life, but my work schedule has not been one of them thus far.

So does that spontaneous lifestyle leave some money on the table that I could be earning? Yeah, probably. Does it add stress not knowing exactly from where the next job is coming? Maybe. But then having the freedom to go wherever, whenever is worth more to me than $$. And having the ability to burn hours on my obsessive, money-pit of a website also has it’s worth.

I don’t mean to sound like someone who is on a constant high. I have ups and downs too. But I can honestly say that I’m not just ready for the weekend, but I’m ready for Monday, Tuesday, Wednesday, Thursday, and Friday with the same amount of pumped-upness. (look for that word in the next Webster Dictionary update)

Unfulfilling Job?

cubicle prison cell | Unfulfilling Job? | Ready For The Weekend? | Thursday ThoughtReaders of this site are by now familiar with the contrarian nature of it, but yet again, I challenge modern views towards work. I’m not writing this to knock the 9-5 ‘secure’ job, but my thought is about how it’s just NOT for everybody. Is the set weekend, ‘job security,’ pension, benefits, salary, etc. enough to live on, if you aren’t being fulfilled? To some people, yes. But to others, no.

I have a friend in a good position in a company listed in the Dow Jones 30. She could totally do the rat race and climb the corporate ladder to great heights…and do quite well, I’m sure. The problem is, she has another calling to be doing something else more enriching. I’m guessing most, if not all of her coworkers will call her crazy and immature for leaving such stability. But if it’s an unfulfilling job for HER, then who are THEY to say? Again, not knocking the rat racer, as some people ARE fulfilled there.

However, not everyone can do the cubicle indefinitely. One can even be content being temporarily broke, if it means they get to TRY to do what they are on this Earth to do. The 9-5 cubicle, or it’s equivalent unfulfilling job, will always be around waiting for you one way or another. But the best opportunity to try to accomplish your passion may not always be there. For example, marriage and children, as great as they may be, are also responsibilities that may make the journey more difficult…..though certainly not impossible.

office space | Unfulfilling Job? | Ready For The Weekend? | Thursday ThoughtSo this Thursday Thought is aimed at the people who have that little nagging ‘something’s not right’ feeling. For the ones that lose sleep over ideas and visions. For the ones that go to their unfulfilling job with a grated stomach wishing they were someone and someplace else.

For some, the road to fulfillment is the most scary and uncertain of all. You might try your hand and fail. You might get ridiculed by family and friends. You might lose all your money. But you’ll certainly learn. Then, just maybe, you’ll end up finding your niche and true calling in life.

Tools

There are many resources that can aid in freeing you from an unfulfilling job. Here are a few books off the top of my head:

Remember, challenging the modern conventional idea of a job will not be easy. For an extreme example, it is highly unlikely that someone will give you a million bucks…or even ten bucks…. to throw paint on your first canvas. You might even experience years and years of ‘failures.’ If that is the case, just make sure you take knowledge away from each of those lessons….I mean, ‘failures.’  All and all, mentally prepare yourself for the knocks and trials, and it IS possible to shed your unfulfilling job, and find your true niche.

So there you have it. Don’t worry about vain things such as what people think of you. For sure, take advice from everyone who loves you. And don’t skirt your responsibilities to act on a whim. But also, contemplate just why it is you are here. If you have that other calling, don’t just ignore it. Really consider moving on from the unfulfilling job, even if society thinks you are crazy. In some way, we all are. So the first question to ask yourself, “Are you ready for the weekend?”

With God’s Will
-T